• 2017 February 17 12:30

    Port Authority of New York & New Jersey approves largest ever $32.2 billion 10-Year Capital Plan

    The Port Authority Board of Commissioners approved the agency’s largest ever $32.2 billion 2017-2026 Capital Plan, which reflects the agency’s continuing return to its core transportation mission and is expected to generate 235,400 job years and $56 billion in overall economic activity for the region, Port Authority of New York & New Jersey said in its press release.

    The plan allows for $11.6 billion in major redevelopment projects to advance at the region’s major airports during the next decade, including the $4 billion LaGuardia Terminal B replacement, the largest transportation public-private partnership in the United States. It also provides for the advancement of work on Terminal A at Newark Liberty International Airport and the redevelopment of John F. Kennedy International Airport, under which Port Authority investments are expected to leverage billions of dollars of private sector investment.

    At the agency’s tunnels, bridges and terminals, the plan provides $10 billion to greatly enhance trans-Hudson commuting, including the construction of new facilities and the upgrading of existing ones. Funds are included to complete the $1.5 billion Goethals Bridge Replacement, being done through the first true surface transportation PPP in the Northeast. It also provides funding to complete the rebuilding of the Bayonne Bridge, a $1.6 billion project that will effectively provide a brand new bridge for travelers and remove an existing navigational impediment to allow modern ships to pass underneath it and keep the ports competitive. The plan includes $3.5 billion to begin planning and construction of a new Port Authority Bus Terminal in Manhattan and nearly $2 billion to complete the largest overhaul and rehabilitation of the George Washington Bridge ever undertaken in the bridge’s 85-year history.

    The Capital Plan also includes funding to rebuild some of PATH’s aging rail stations and to upgrade other critical rail system infrastructure to ensure safety and service reliability. Funds also are included to plan and build an extension of the PATH system from its current terminus at Newark Penn Station to the Newark Liberty International Airport Air Link Station, a project designed to improve airport access and enhance trans-Hudson commutation.

    To further address the region’s critical trans-Hudson transportation needs, the plan also provides the largest contribution of any stakeholder to date — $2.7 billion — for the critical trans-Hudson rail tunnel link between New York and New Jersey and Portal Bridge North projects. The contribution will pay debt service on expected borrowing by the Gateway Program Development Corporation from low-interest federal Railroad Rehabilitation and Improvement Financing loans.

    The 10-year plan will accelerate the rebuilding of the region’s aging infrastructure by leveraging billions in private sector dollars including through public-private partnerships on major transportation and terminal projects, including those at the airports and bridges. The plan’s multi-billion investment is expected to result in the creation of 235,400 job years, $20 billion in total wages and $56 billion in overall economic activity.

    The approval followed a month-long public comment period – including two first-ever public meetings in each state that were attended by commissioners and agency leadership. Prior to the Board’s vote to move the proposed plan forward on January 5 for public comment, there was robust debate and discussion by Board members over how to parcel out limited resources to the agency’s growing list of capital investment needs.

    Since the Board’s January 5 meeting, the agency received 429 comments on its plan from 365 individuals. Fifty-five speakers attended the public meetings in both states to comment on specific items in the document and 9 people Tweeted comments about it. An additional 327 comments were emailed and 12 comments were received by mail. The Board of Commissioners received periodic summaries of the public comments prior to today’s Board meeting.

    The 10-year plan approved today includes $29.5 billion in direct spending on Port Authority projects and the $2.7 billion commitment to support debt service on the Gateway passenger rail tunnel project.

    The plan outlines specific funding commitments for major capital projects the agency will invest in over the next 10 years. All projects remain subject to Board authorization processes, and, before they proceed, are subject to a rigorous “gates” review process before they proceed that look at agency revenue and the ability to finance them.




2017 March 25

07:50 Rüdiger Grube to succeed Peer Witten as Chairman of HHLA’s Supervisory Board
07:34 Prosafe SE reports net profit of USD 172.6 million for 2016
07:31 Deutsche Bahn posts 2016 results
07:29 Hapag-Lloyd to increase rates from Asia Pacific to Arabian Gulf
07:28 Emmanuel Van Damme heads commercial department Port of Zeebrugge

2017 March 24

18:07 EU Naval Force Spanish and French warships conduct combined counter-piracy patrols off coast of Somalia
17:49 Iceberg small-sized missile ship of the Northern Fleet accomplished artillery firing in the Barents Sea
17:38 BW LPG announces re-financing of six 2016 built ex-Aurora ships
17:30 GlavGosEkspertiza approves construction and reconstruction works at the port of Yevpatoria (photo)
17:21 Solstad Offshore ASA, Farstad Shipping ASA and Deep Sea Supply sign merger plans
17:03 Yantar shipyard lays down the third trawler of Project SK-3101R
16:41 Krasnoye Sormovo launches first chemical tanker of Project RST27 built for shipping company Volgotrans (photo)
16:20 Ferus Smit launches Nb. 427 ‘Arklow Clan’
15:58 Rosmorport appoints Tatiana Karpinyan as Chief Accountant of its Azov Basin Branch (photo)
15:39 Port of Gdansk took part in Seatrade Cruise Global fair
15:20 DESS Aqua enters into a contract for the construction of a 3,000 m3 wellboat
14:42 FSUE Rosmorport Executive Director took part in the conference “Port Infrastructure of Russia”
14:20 Svitzer and Sanmar sign contract for a newbuild 80 tbp ASD escort tug
14:01 Icebreakers of FSUE Rosmorport have escorted 5,573 this season
13:37 BPO debate at the European Parliament focused on Baltic ports in the TEN-T network
13:15 MOL completes study project to equip in-service vessels with SOX scrubber systems
12:53 IMO participated in the 20th E-Navigation Committee meeting in France
12:35 ClassNK issues first EGCS ready notation
12:32 World Maritime University and UN Environment step up cooperation to achieve Sustainable Development Goals
12:01 CMA CGM to launch a unique offer between Asia and West Coast South America
12:00 Bunker market at Russian port of Novorossiysk sees mixed price movements (graph)
11:38 DNV GL welcomes B.A.P Carrasco to fleet
11:11 Spring floods on the Lower Volga forecasted to begin in April
10:49 Guam’s oil spill recovery capacity significantly improved
10:24 VNT organized a public discussion on the Vapour Recovery Unit project
09:58 Brent Crude futures price up 0.24% to $50.68, Light Sweet Crude – up 0.347% to $47.86
09:35 Bunker prices are flat at the port of Saint-Petersburg, Russia (graph)
09:17 Baltic Dry Index up to 1,196 points

2017 March 23

18:16 NDQ sets up in Maritime Logistic Zone in Zeebrugge
18:06 COSCO (Dalian) Shipyard delivers a module carrier
17:55 Zelenodolsk Plant and Krylov Centre striving to expand cooperation
17:36 Rhenus takes a 40 percent shareholding in the ARKON Shipping Group
17:16 Nakilat transitions LNG Mesaimeer to in-house management
17:12 MABUX: The state of uncertainty on global fuel market
17:06 Port Bronka is officially announced as a deepwater port
16:52 Anglo-Eastern, Optimarin and Saga join forces for ground-breaking Manila-based BWT training facility
16:40 MacGregor and Rolls-Royce to explore implications of autonomy for container ships
16:10 Throughput of Chinese ports up 7.1% to 1.36 bln t in Jan-Feb'17
16:03 DHT Holdings announces acquisition of 11 VLCCs from BW Group
15:48 Port of Singapore throughput up 7% to 99.15 mln t in Jan-Feb'17
15:25 SENAN takes delivery of four Interceptor 1102 vessels from Damen
14:52 Corvettes of RF Navy's Baltic Fleet carried out artillery strike on ship detachment of conditional enemy
14:29 Rail Baltica progress discussed with the European Coordinator Ms. Trautmann
14:01 VSTEP and Damen sign cooperation agreement for Royal Bahamas Defence Force project
13:46 Murmansk Region Governor Marina Kovtun took part in “Fishery in the Arctic" conference
13:13 Project Deepening and Widening of Mumbai Harbour Channel and JN Port Channel (Phase-II) gets governmental approval
12:55 Heading towards the 2020 sulphur limit highlighted during maritime industry events in Denmark
12:34 Unique crane equipment delivered to Zvezda shipbuilding complex
12:12 Ulstein Verft is about to complete ship service on the sixth ship this year
11:51 Bunker prices are slightly up at the Far East ports of Russia (graph)
11:30 Two NYK vessels receive Panama Canal's Green Connection Award
11:17 First fish terminal created at the port of Petropavlovsk-Kamchatsky (photo)
11:01 APL extends cargo assurance for protection against cargo-in-transit risks
10:31 Ocean Yield ASA announces delivery of container vessel with 15 years charter
10:13 Brent Crude futures price up 0.75% to $51.02, Light Sweet Crude – up 0.79% to $48.42